Foreign Exchange Working Group

Updated 13 September 2016

The Foreign Exchange Working Group (FXWG) seeks to establish a single set of global principles of good practice for foreign exchange markets.


The working group, which operates under the auspices of the Markets Committee, is headed by Guy Debelle (Reserve Bank of Australia), Chairman of the Markets Committee. The group's membership covers major financial centres in both advanced and emerging market economies. The FXWG will reach out to jurisdictions beyond those represented on the Markets Committee and provide input into the wider official sector effort on market conduct coordinated by the Financial Stability Board.

Objectives and application

  • To facilitate the establishment of a single global code of conduct standards and principles to be adopted across jurisdictions globally.
  • To maintain and enhance principles-based approaches to best practice.
  • To develop proposals to promote and incentivise adherence to the Code.

The Code will cover the wholesale foreign exchange market and be broad-ranging across market participants and infrastructures, with appropriate consideration to local circumstances. The Code will include a set of clear examples and guidelines of behaviours that are consistent with, and inconsistent with, the standards and principles adopted.

Member institutions

Reserve Bank of Australia
Central Bank of Brazil
Bank of Canada
State Administration of Foreign Exchange (China)
Bank of France
European Central Bank
Hong Kong Monetary Authority
Reserve Bank of India
Bank of Japan
Bank of Korea
Bank of Mexico
Monetary Authority of Singapore
Sveriges Riksbank
Swiss National Bank
Bank of England
Federal Reserve Bank of New York

Work programme

The work programme is organised around two workstreams. The first workstream, led by Simon Potter (Federal Reserve Bank of New York), is tasked with drafting the new code, while the second workstream, led by Chris Salmon (Bank of England), is tasked with developing proposals to promote and incentivise adherence to the new code.

The work of both streams builds upon that of the various regional foreign exchange committees (FXCs) agreed at the latest global FXC meeting. Progress towards the development of the Code will be shared publicly as the work takes place. The target date for finalisation of the Code, as well as of the proposals to ensure greater adherence, is May 2017.

Market Participants Group

The work of the FXWG is supported by a private sector Market Participants Group (MPG), which draws on participants from the sell side and buy side of the market as well as FX infrastructure providers. The MPG is chaired by David Puth, Chief Executive Officer of CLS.

The group is expected to:

  • provide insight, expertise and effort to help support the development of and effective adherence to a single global code of best practices for the foreign exchange market. This will include providing input on content for the Code, which may include formulating frameworks and occasionally preparing initial drafts on topics not adequately covered in current codes; and
  • serve as a centralised, private sector coordinating mechanism on FX best practices work for the FXCs and other regional representatives. MPG members will coordinate with their respective FXCs and regional counterparts, as appropriate, and channel their full individual and institutional expertise and experience into the work of the MPG.

MPG members

Chris Allen, Barclays
Hiroaki Aoyama, Mizuho Bank
Marshall Bailey, ACI Financial Markets Association International
Cédric Beaurain, Société Générale
James Bindler, Citi
Adrian Boehler, BNP Paribas
Justin Chan, The Hongkong and Shanghai Banking Corporation Limited
Chris Concannon, BATS Global Markets
Cui Qi, China Foreign Exchange Trade System
Patrick Fleur, PGGM
Alex Gerko, XTX Markets
Grady Stephen, LGIM Legal & General Investment Management Ltd
James Harvey, Rolls-Royce
Darryl Hooker, EBS Broker Tec
Akira Hoshino, The Bank of Tokyo-Mitsubishi UFJ Ltd
Hyun Soo Jo, Industrial Bank of Korea
Tony Kearney, Moore Capital
Hugh Killen, Westpac Banking Corporation
Han Young Ko, Seoul Money Brokerage Services, Inc
Claas Carsten Kohl, Airbus Group
Geoff Kot, Standard Chartered Bank
Chee Kin Lam, DBS Group Holdings and DBS Bank
Russell Lascala, Deutsche Bank
Ernst Lienhard, Swiss Re
Federica Mazzucato, UBS Investment Bank
Joseph A Molluso, Virtu Financial
Ed Monaghan, Royal Bank of Canada
Stina Norrhede Ekberg, SEB
Mike O'Brien, Eaton Vance
Shantanu S Pradhan, State Bank of India
Ankur Pruthi, Norges Bank Investment Management
David W Puth, CLS Bank International
Troy Rohrbaugh, JP Morgan
Gilberto Romero Galindo, Banco Ve por Más
Marcus Samuelsson, Ericsson
Lee Sanders, Axa Investment Managers
Lisa Scott Smith, Millennium Global
James Sinclair, MarketFactory, Inc
Marco Antonio Sudano, Banco Itaú BBA
Sun Wei, China CITIC Bank
Robert Tull, Fifth Third Bank
T Venkatesan, Tata Consultancy Services
Christopher John Vogel, BlackRock
Phil Weisberg, Thomson Reuters
David Woolcock, ACI Financial Markets Association International

The first phase of a global code of conduct for wholesale foreign exchange markets and principles for adherence to the new standards were released on 26 May 2016 in New York. The following documents were released:

The complete global code and adherence mechanisms, which aim to provide the integrity and effective functioning of foreign exchange markets, will be released in May 2017.

Email globalfx@ny.frb.org to submit a comment.